Illustrative image (Source: Internet)The report also said FDI of Asia’ fourth largest economy to Vietnam doubled to2.27 billion USD in 2016 from 1.15 billion USD in 2013.
Meanwhile, FDI of the RoK poured into the US amounted to 12.9 billion USDlast year, growing by 123.6 percent from four years earlier, while thatinvested in China declined 36.5 percent to 3.3 billion USD over the sameperiod.
The increase in FDI of the RoK to the world’s largestmarket came as more local companies opted to expand their presence in the USthrough mergers and acquisitions (M&As) and set up their branches there to adoptadvanced technologies and skills.
Last November, the RoK’s Samsung Electronics Co. took over the US’ Harman InternationalIndustries Inc as part of efforts to boost competitiveness.
Earlier this year, Huyndai Motor Co., the top automaker in the country unveileda five – year plan worth of 3.1 billion USD, while major home appliance makerLG Electronics Inc. will set up a large washing machine producing line in theUS.
In contrast, the decline of FDI to China is largely due to the completion ofSamsung Electronics’ 7 billion USD chip factory in Xian, while the overallinvestment to China has experienced a downtrend resulted from a slowing Chineseeconomy.
According to the IBK, FDI to China is not likely to see a turnaround soon dueto diplomatic tension between the two countries over RoK’s deployment of an anti–missilesystem. –VNA
VNA
